Continued focus on software and security should bode well for F5 in the long term

F5 is a leader in application delivery controllers (ADCs), which it sells to enterprises, service providers and government agencies. F5 has long been the market leader in hardware ADCs, but due to changing consumer preferences, it has successfully transitioned to a software-centric business model. We believe the company is well positioned to remain a leader in the hardware ADC market while competing in the fast-growing software market and to grow with SaaS, applications and edge security over the next decade.